Update | Who’d buy a car park space for HK$4.8 million? Someone on Conduit Road just did

The car parking space of a luxury apartment at the Mid-Levels on Hong Kong island sold for HK$4.8 million (US$619,000) on Thursday, setting a record for the city’s most expensive lot.

The sale of the 135-square feet space at 55 Conduit Road was a confirmor deal, where properties are resold before the original transaction had been completed, according to documents filed at Hong Kong’s Land Registry.

The original owner, who hailed from mainland China, bought a unit in the apartment complex together with the parking space for HK$56 million last month. He sold the lot this week to another resident, who already owns a parking space.

In May 2014, a space at 39 Conduit Road sold for HK$4.24 million.

The sale burnishes Conduit Road’s reputation as quite possibly the most expensive place to leave a vehicle in Hong Kong. On Saturday, Phoenix Property Investors released 54 parking lots at The Morgan apartments at 31 Conduit Road for sale at between HK$3.28 million and HK$4.38 million each.

“Investment interest in the sector is growing as the number of parking lots are declining especially in Mid-Levels,” said Louis Chan, managing director at Centaline Property Agency’s residential department.